Biden Announces Employment Plan to be Funded By Tax Hikes

The United States Government announced on Wednesday an employment plan focused on the renovation of infrastructure worth 2.25 trillion dollars, which it plans to finance with a rise in corporate tax.

The president, Joe Biden, is scheduled to present the plan this Wednesday afternoon at a ceremony in the industrial city of Pittsburgh, Pennsylvania. In a telephone conversation with journalists, the White House explained that this initiative, dubbed the ‘America Jobs Plan’, provides for investments over a period of eight years and will provide “well-paid jobs to millions of people.

 

View this post on Instagram

 

A post shared by Joe Biden (@joebiden)

He also explained that the government’s intention is to finance the plan with a rise to 28% in corporate tax, now reduced to a minimum since the 2017 tax reform, promoted by Donald Trump. The White House estimates that it will take about 15 years to collect the investment equivalent through the tax.

Biden plans to distribute the large investment of 2.25 trillion in four blocks, the first being the reconstruction of the infrastructure, to which he will allocate 620,000 million dollars. With this money, the government will modernize 20,000 miles (32,000 kilometers) of roads and highways, rebuild a dozen strategic bridges for the economy, and repair 10,000 smaller ones. It will also renovate ports and airports, double federal investment in public transport systems and build a network of 500,000 electric chargers.

A second block, to which 650,000 million will be allocated, will seek to invest in broadband access especially for rural communities, potable water, electricity grid and public housing. As part of this block, the government wants to replace 100% of the country’s lead pipes and also reduce exposure to that metal in 400,000 schools and educational centers.

The Government will invest another 400,000 million in a third block that will aim to hire workers to care for both the elderly and the disabled. The remaining 580,000 million, the fourth block, will be used for research and development, production and training.

Public investment at the levels of the 60s
According to the White House, this plan will return public investment to 1960s levels. Once presented, the plan now requires the approval of the Legislature, where in all likelihood it will face fierce opposition from Republicans.

It is the second billionaire legislative package that Biden presents in less than 100 days in power, after the approval of the economic rescue of 1.9 billion for the pandemic, which has already collided with the opposition of the Republicans and resistance in its own ranks. .

To enforce their weak majority in Congress, Democrats have to use a legislative mechanism that exceptionally allows them to pass bills by a simple majority in the Senate and also cannot afford any defections.

Reviewer overview

Biden Announces Billionaire Employment Plan to Be Funded by Tax Hikes - /10

Summary

The United States Government announced on Wednesday an employment plan focused on the renovation of infrastructure worth 2.25 trillion dollars, which it plans to finance with a rise in corporate tax.

0 Bad!